As the cryptocurrency market emerges from a prolonged seven-month consolidation phase, following a parabolic uptrend for Bitcoin and various altcoins in the first quarter of 2024, crypto analyst OxNobler has boldly declared that today marks the start of the next significant altseason.
Analyst Predicts Major Price Movements Ahead For Altcoins
In a recent on the social media platform X (formerly Twitter), OxNobler shared insights on the Altcoin Indicator, which has just gone parabolic for the first time in three years.
The analyst emphasized the cyclical nature of market phases, driven by capital inflows that shift from Bitcoin into larger-cap tokens before eventually reaching lower-cap altcoins, suggesting a growing liquidity movement that could fuel significant price surges across the altcoin landscape.
Identifying key catalysts for the upcoming liquidity inflows, OxNobler pointed to several factors: the upcoming US election, where both candidates express support for Bitcoin, anticipated Federal Reserve rate cuts, the potential lifting of the cryptocurrency ban in China, and the expected payout of $16 billion from FTX in Q4 2024 to Q1 2025.
By analyzing historical price movements and market cycles, OxNobler believes traders can position themselves for substantial gains in the months ahead. OxNobler has highlighted several altcoins that he believes are primed for growth in this new market phase.
Key Players In Upcoming Market Shift
- Realio Network (RIO): This blockchain-based platform focuses on the issuance, investment, and lifecycle management of digital securities and crypto assets. With a current trading price of $0.83 and a market cap of just $4 million, OxNobler believes that RIO is poised for significant upside, especially given the increasing interest in Real World Assets (RWA). Major asset managers like BlackRock are already investing in this sector, potentially driving demand for altcoins such as RIO.
- Zero Labs (DEAI): This token supports a decentralized artificial intelligence ecosystem focused on data governance. Currently priced at $0.55, DEAI has a market cap of $50 million, making it an attractive option as AI continues to gain traction, specially over the past year behind the buzz surrounding companies like Nvidia.
- SUI: Notable for its recent performance, SUI has surged 28% over the past month and an impressive 372% year-to-date, currently trading at $1.98 with a market cap exceeding $5 billion, positioning it well for the expected altseason.
- Render Network (RENDER): This decentralized GPU rendering network connects users needing GPU computing power with those willing to rent out their resources. Priced at $5 with a market cap of $2.6 billion, the analyst suggests that RENDER is well-positioned to benefit from the increasing demand for GPU computing in various technological applications.
- TokenFi (TOKEN): Aiming to simplify the crypto and asset tokenization process, TokenFi aspires to become the leading platform in this space, according to the analyst. Currently, TOKEN trades at $0.047 with a market cap of $47 million.
Featured image from DALL-E, chart from TradingView.com